Orlando, Florida, April 18, 2011 (BUSINESS WIRE) – Hannover Life Reassurance Company of America “Hannover Life Re”, announced today the signing of a definitive agreement to acquire a block of reinsurance originally underwritten by Scottish Re (US).
The acquired block of business is comprised of term insurance policies issued between January, 1, 2000 and December 31, 2003 and originally coinsured by 37 direct writing U.S. life insurers to Scottish Re (US). Upon closing, this business will be 100% assumed by Hannover Life Re.
Chris Shanahan, Executive Vice President of Mortality Solutions for Hannover Life Re, commented, “We are pleased with this transaction which we see as a win-win for both organizations involved. This transaction contributes nicely to the continued steady growth in our U.S. traditional life business.”
The transaction, which is expected to close in May 2011, still requires regulatory approval and is therefore subject to the customary reservations.
About Hannover Life Re
Hannover Life Reassurance Company of America "Hannover Life Re“, which is licensed and/or accredited in all 50 states and Puerto Rico, is the North American life and health reinsurance subsidiary of Hannover Re Group. With a gross premium of around 11 billion euro, Hannover Re Group is one of the leading reinsurance groups in the world. It maintains business relations with more than 5,000 insurance companies in about 150 countries. Hannover Life Re is rated "AA-" by Standard & Poor’s and "A" by A.M. Best. Additional information about the Company can be obtained from its web site at www.hlramerica.com
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